Vancouver Housing Bubble: November Home Sales Fall Over Last Year

VANCOUVER - November home sales in the Vancouver area fell 28.6 per cent compared with a year ago as what was once the country's hottest real estate market continued to cool.

The Real Estate Board of Greater Vancouver says sales through its Multiple Listings Service totalled 1,686 for the month, down from 2,360 in November 2011.

Sales were also down 12.7 per cent from 1,931 home sales in October this year.

Despite the sharp drop in sales, the board said the MLS home price index composite benchmark for homes Greater Vancouver was $596,900, down just 1.7 per cent compared with a year ago. The index peaked in May at $625,100.

"Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties," said Eugen Klein, president of the Real Estate Board of Greater Vancouver.

"On the other hand, buyers appear to be expecting prices to moderate."

On Monday, Finance Minister Jim Flaherty said he was pleased housing was moderating in Canada, a shift in the mortgage market he attributed in part to his decision to tighten borrowing rules in July. Flaherty made mortgage payments more expensive by dropping the maximum amortization period to 25 years.

Nationally, the housing slowdown was a big part of the disappointing economic downturn recorded in the third quarter, with the sector falling 3.5 per cent annualized.

In Vancouver, the board said there were 15,689 residential property listings on the MLS, up 13 per cent from this time last year, but down 9.7 per cent compared October 2012.

New listings for the month totalled 2,758 for November, down from 3,222 new listings a year ago.

Sales of detached homes in Greater Vancouver totalled 629 in November, down from 916 a year ago, while the benchmark price was $914,500, down 2.3 per cent.

Apartment sales amounted to 750, down from 1,000 in November 2011. The benchmark price was $364,900, down one per cent.

Meanwhile, townhouse sales totalled 307, down from 444 a year ago, while the benchmark price was $454,300, down 2.1 per cent.

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What $1 Million Will Buy You Across Canada

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$1.08 million: Located in the trendy Altadore neighbourhood of Calgary, this as-yet-unbuilt modernist house features views of the downtown core as well as a personal elevator.
Source: Keller Williams Realty

$1.08 million: Located in the trendy Altadore neighbourhood of Calgary, this as-yet-unbuilt modernist house features views of the downtown core as well as a personal elevator.
Source: Keller Williams Realty

$1.08 million: Located in the trendy Altadore neighbourhood of Calgary, this as-yet-unbuilt modernist house features views of the downtown core as well as a personal elevator.
Source: Keller Williams Realty

$988,000: Located in the posh Residences of the Ritz Carlton, in the heart of Toronto, this condo features one of only a handful of private terraces in the entire building.
Source: Sotheby's International

$988,000: Located in the posh Residences of the Ritz Carlton, in the heart of Toronto, this condo features one of only a handful of private terraces in the entire building.
Source: Sotheby's International

$988,000: Located in the posh Residences of the Ritz Carlton, in the heart of Toronto, this condo features one of only a handful of private terraces in the entire building.
Source: Sotheby's International

$998,000: This historic townhouse in the wealthy enclave of Westmount is "of historic interest," according to the realtor, and features its original glass doors and marble panels at the entrance.
Source: Sotheby's International

$998,000: This historic townhouse in the wealthy enclave of Westmount is "of historic interest," according to the realtor, and features its original glass doors and marble panels at the entrance.
Source: Sotheby's International

$998,000: This historic townhouse in the wealthy enclave of Westmount is "of historic interest," according to the realtor, and features its original glass doors and marble panels at the entrance.
Source: Sotheby's International

$998,700: This historic property was once the Edenhurst Inn and is now on sale as a private residence. "No expense was spared in the construction of this home using sycamore and oak for interior finishing," the realtor says.
Source: Re/Max Charlottetown

$998,700: This historic property was once the Edenhurst Inn and is now on sale as a private residence. "No expense was spared in the construction of this home using sycamore and oak for interior finishing," the realtor says.
Source: Re/Max Charlottetown

$998,700: This historic property was once the Edenhurst Inn and is now on sale as a private residence. "No expense was spared in the construction of this home using sycamore and oak for interior finishing," the realtor says.
Source: Re/Max Charlottetown

$989,900: This modernist mansion from custom home designers Artista Homes features three fireplaces, including a three-sided one, and ensuite bathrooms with heated floors.
Source: Royal LePage Alliance

$989,900: This modernist mansion from custom home designers Artista Homes features three fireplaces, including a three-sided one, and ensuite bathrooms with heated floors.
Source: Royal LePage Alliance

$960,000: This ranch house inspired by the "pueblo" style of the U.S. southwest is located in one of the few places in Canada that look like the southwest U.S. — the B.C. interior. The house features foot-thick concrete walls, and is set into the hillside to look half-buried.
Source: Royal LePage Kamloops

$960,000: This ranch house inspired by the "pueblo" style of the U.S. southwest is located in one of the few places in Canada that look like the southwest U.S. — the B.C. interior. The house features foot-thick concrete walls, and is set into the hillside to look half-buried.
Source: Royal LePage Kamloops

$960,000: This ranch house inspired by the "pueblo" style of the U.S. southwest is located in one of the few places in Canada that look like the southwest U.S. — the B.C. interior. The house features foot-thick concrete walls, and is set into the hillside to look half-buried.
Source: Royal LePage Kamloops

$985,000: The realtor humbly describes this property as a "cottage in Westmount," but with five bedrooms, four baths and parking for two, this "cottage" is pretty out-sized.
Source: Profusion Realty

$985,000: The realtor humbly describes this property as a "cottage in Westmount," but with five bedrooms, four baths and parking for two, this "cottage" is pretty out-sized.
Source: Profusion Realty

$985,000: The realtor humbly describes this property as a "cottage in Westmount," but with five bedrooms, four baths and parking for two, this "cottage" is pretty out-sized.
Source: Profusion Realty

$989,000: Located in an area with lots of surrounding commercial properties, the seller notes that the zoning could easily be changed to allow for a business. But you can always just live in this property, if paying $1 million for a bungalow strikes you as reasonable.
Source: Realty Way Corporation

$970,000: Don't let your eyes deceive you: This isn't a historic property. Rather, this duplex is a recreation of the Todd House, a 19th-century home located in Toronto. It's so modern it even features an indoor garage.
Source: Hallmark Realty

$970,000: Don't let your eyes deceive you: This isn't a historic property. Rather, this duplex is a recreation of the Todd House, a 19th-century home located in Toronto. It's so modern it even features an indoor garage.
Source: Hallmark Realty

$970,000: Don't let your eyes deceive you: This isn't a historic property. Rather, this duplex is a recreation of the Todd House, a 19th-century home located in Toronto. It's so modern it even features an indoor garage.
Source: Hallmark Realty

$990,000: Originally meant to be occupied by the architect who designed this property, this property on Nova Scotia's South Shore is "designed to be self-sustaining," the realtor says, and was built partly using reclaimed and re-purposed materials.
Source: Tradewinds Realty

$990,000: Originally meant to be occupied by the architect who designed this property, this property on Nova Scotia's South Shore is "designed to be self-sustaining," the realtor says, and was built partly using reclaimed and re-purposed materials.
Source: Tradewinds Realty

$990,000: Originally meant to be occupied by the architect who designed this property, this property on Nova Scotia's South Shore is "designed to be self-sustaining," the realtor says, and was built partly using reclaimed and re-purposed materials.
Source: Tradewinds Realty

It may be a shock to some, but yes, it is possible to buy an actual house — not a condo — for under a million in Vancouver. Here's proof: A two-bedroom property in the city's desirable Kitsilano neighbourhood, for a mere $998,800!
Source: Sutton Group - West Coast

It may be a shock to some, but yes, it is possible to buy an actual house — not a condo — for under a million in Vancouver. Here's proof: A two-bedroom property in the city's desirable Kitsilano neighbourhood, for a mere $998,800!
Source: Sutton Group - West Coast

It may be a shock to some, but yes, it is possible to buy an actual house — not a condo — for under a million in Vancouver. Here's proof: A two-bedroom property in the city's desirable Kitsilano neighbourhood, for a mere $998,800!
Source: Sutton Group - West Coast